stent with the S&P Rating of such Class of Senior Notes as of the Closing Date, determined by application of the S&P CDO Monitor at such time. -S&P CDO Monitor" means a dynamic, analytical computer program developed by S&P and used to estimate defaulted risk of the Collateral Obligations, as it may be modif

t to this Indenture; and (xii) the Break-Even Default Rate and the Scenario Default Rate for each Class of Senior Notes and the result of the S&P CDO Monitor calculations and S&P CDO Monitor Test results, including a statement as to whether or not the S&P CDO Monitor Test was satisfied, to the extent the

with a specified benchmark rating level based upon S&P's proprietary corporate debt default studies. In calculating each scenario loss rate, the S&P CDO Monitor considers each obligor's issuer rating. the number of obligors in the portfolio, the obligor and industry concentrations in the portfolio and the r

stent with the S&P Rating of such Class of Senior Notes as of the Closing Date, determined by application of the S&P CDO Monitor at such time. -S&P CDO Monitor" means a dynamic, analytical computer program developed by S&P and used to estimate defaulted risk of the Collateral Obligations, as it may be modif

ateral Obligations) which the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined through application of the S&P CDO Monitor, which, after giving effect to S&P's assumptions on recoveries and timing and the 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-00724

Collateral Obligations) which the Current Portfolio or the Proposed Portfolio, as applicable, can sustain as determined through application of the CDO Monitor, which, after giving effect to assumptions on recoveries and timing and the 5 EFTA00596137 Priority of Payments, will result in sufficient funds

uant to this Indenture; and (xii) the Break-Even Default Rate and the Scenario Default Rate for each Class of Senior Notes and the result of the CDO Monitor calculations and CDO Monitor Test results, including a statement as to whether or not the CDO Monitor Test was satisfied, to the extent they are